Will France Go The Way Of The PIIGS?

…We have little doubt that the policies recommended by France’s cabinet members in recent weeks will further entrench already extremely high institutionalized unemployment and dampen economic activity. No-one in his right mind will start a business under such circumstances. With the French economy already contracting (recent PMI data show a disconcerting acceleration southward), these policies have a usefulness that is roughly comparable to a hole in the head…


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